Jun 20, 2024 By Gary Boatman 3 min read

The long-term goal of many workers is to reach retirement. You work for decades reducing debts for major purchases such as your home mortgage, build up Social Security credits, save in 401 (k) or IRA and other investments to be prepared for this outcome.

If you are fortunate enough, you may receive a pension. There is also possible inheritance that some will receive. The combination of these assets and any others that you acquire will be the basis to generate income when you stop working.

One thing many people do not do is develop a plan for life after work. Every year, the United Nations, the Gallup organization, and a consortium of groups produce what’s called the World Happiness Report. For those over the age of 60, the U.S. ranked 10th out of 143 nations in happiness. Canada edged out the U.S., grabbing 8th place. In case you are wondering, Denmark topped the list.

Yet, according to Psychology Today, almost one-third of retirees feel depressed at times. For many, it’s the absence of time in the office, and the loss of structure, identity and purpose.

People vary in how they deal with this extra time. Some people ease into retirement by cutting back from full-time to part-time. It’s not only a way to stretch out your savings, but you are testing the waters of full-time retirement while keeping active professionally. This can help your budget if you have not saved enough to retire or to allow your Social Security benefit to grow. Some people try to turn a hobby into a business or work part time in a field they always had an interest in.

It is important to remain socially active whether through a job or by volunteering in the community. Some possibilities might include the hospital, animal shelter, senior center or food bank. Some seniors who enjoy camping volunteer at state parks where they may serve as campground hosts.

Some take up a new hobby such as learning to play a musical instrument, dancing, painting or wine making. Many like to travel and see many places on their bucket list. Often grandparents are able to attend sporting events that their grandchildren participate in and maybe do an extended family vacation to somewhere such as Disney.

Retirement often comes in three stages. First are the go-go years which are usually at the beginning or retirement when your health is the best and your bucket list is the longest.

The second phase is the slow-go years when you feel a little more tired and your health is becoming a little more questionable. The last stage is the no-go years when health concerns are more serious and limit what activities you can do

To make your retirement the best that it can be, create a financial plan while working and reduce your debts. Regular saving is imperative if you want to be active after you are done working. Don’t forget to plan for life after work. Remember, when you are retired, “Every day is Saturday.”